Vikran Engineering IPO

About the company

Vikran Engineering is an Indian Engineering, Procurement and Construction (EPC) company, providing end-to-end services from design, installation, testing and commissioning on a turnkey basis with a presence across multiple sectors, including power, water and railway infrastructure. As of June 30, 2025, the company has completed 45 projects across 14 states with a total executed contract value of ₹1,919.9 crore. The company operates across three primary infrastructure business verticals. Power transmission and distribution involves the construction of high-voltage transmission lines up to 765 kV, substations up to 400 kV (both AIS and GIS), and power distribution networks, including 30,000 smart metering connections. Water Infrastructure provides turnkey solutions for surface and underground drinking water projects, with services extending to water distribution networks and rainwater harvesting systems, primarily serving rural areas under the Jal Jeevan Mission. Railway Infrastructure focuses on railway electrification, including overhead electrification systems, signalling systems, 220 kV underground EHV cable work, and 132 kV transmission line construction. In FY25, the power transmission and distribution segment contributed 72.90% of total revenue (₹667.67 crore), a significant increase from 48.27% in FY23. Water infrastructure contributed 26.79% of revenue (₹245.33 crore) in FY25, down from 49.40% in FY23, while railway & infrastructure contributed 0.31% of revenue (₹2.85 crore) in FY25. As of June 30, 2025, the company has 44 ongoing projects across 16 states, aggregating orders of ₹5,120.2 crore, with an unexecuted order book of ₹2,442.4 crore. The order book to revenue ratio was 223.22% as of FY25. The company participates in competitive bidding processes primarily through tendering to secure contracts from government entities, public sector undertakings, and private companies. Major government sector clients include NTPC Limited, Power Grid Corporation of India Limited, South Bihar Power Distribution Co. Ltd, North Bihar Power Distribution Co. Ltd, Transmission Corporation of Telangana Limited, Madhya Pradesh Power Transmission Company Limited, and various state water and sanitation missions. The company also works on projects for Assam Power Distribution Company Limited and the Danapur division of the Eastern Central Railway. The transmission sector is experiencing strong growth, with the total length of domestic transmission lines rising from 413,407 circuit kilometres (ckm) in FY19 to 494,374 ckm in FY23. Substation capacities grew from 899,663 MVA in FY19 to 1,337,513 MVA in FY25 at a CAGR of 6.8%. According to the CRISIL report, estimated investment in the transmission sector is expected to reach ₹4.5-5.5 lakh crore over FY26-FY30 cumulatively. The water infrastructure segment benefits from government support through schemes like the Jal Jeevan Mission, under which approximately 124.3 million additional rural households have been provided tap water connections, accounting for 80.9% of rural households in India having a tap water supply as of July 11, 2025. The company has positioned itself to capitalise on these government initiatives through its integrated EPC solutions and rural electrification projects. Now, Vikran Engineering Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹721 crore and an offer for sale of ₹51 crore. The total issue size of the IPO is ₹772 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   26 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   29 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   01 Sept 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   02 Sept 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   02 Sept 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   03 Sept 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.